Future of Midland / Odessa, TX Real Estate Market

[Nate Culkin]

Hi Everyone,

I am looking at a deal (self-storage) in Midland, TX.  With the current state of the oil market, I was hoping to get some insight from people here that know this market and what happens when there is a significant decline in oil:

- Everyone says that oil always comes back, but with the uncertainty of COVID-19, is it possible for there to be a decline that is more severe, and longer, than the 2015-2017 oil crisis?

- If so, what does this decline mean for the real estate market/economy in Midland?  Some people will leave, but are we talking a leveling off in population? 3% decline? 10% decline?

- In past oil crises, have you seen significant vacancies?

Any insight would be much appreciated